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120-419: The Institute aims to help launch small businesses and provides ongoing research and development assistance. The mid- to late-1970s and early-1980s were particularly difficult times for Minnesota's natural resource-based industries, especially for the taconite mining industry. In the face of a domestic steel crisis, shipments of iron ore from Northeastern Minnesota's eight taconite plants plummeted. Growth in

240-679: A $ 2 million investment could be leveraged into $ 1.3 billion in lending. Congressional deregulation exacerbated the S&;L crisis. The Economic Recovery Tax Act of 1981 led to a boom in commercial real estate. The passage of the Depository Institutions Deregulation and Monetary Control Act and the Garn–St. Germain Act expanded the authority of federally chartered S&Ls to make acquisition, development, and construction real estate loans, and

360-667: A 5% base wage increase each year for the four years, a $ 4,000 bonus upon ratification of the deal, $ 0.50/hour increase in hourly contributions to the Steel Workers Pension Trust, $ 0.10/hour increase in 401(k) contributions, and uncapped profit-sharing. During the 1948 Donora smog , an air inversion trapped industrial effluent (air pollution) from the American Steel and Wire plant and U.S. Steel's Donora Zinc Works in Donora, Pennsylvania. In three days, 20 people died... After

480-564: A background in industrial research and development, was the first permanent director of the Institute, starting on the job in April of 1984. He soon began the task of conducting national searches for Associate Directors for each of the four divisions. Successful candidates included: Dr. Thys Johnson, a native of Duluth and Department Head of Mining at the Colorado School of Mines ; Dr. Robert Naiman,

600-423: A bad time for banks because of a recent wave of deregulation . The Depository Institutions Deregulation and Monetary Control Act of 1980 had phased out a number of restrictions on their financial practices, broadened their lending powers, and raised the deposit insurance limit from $ 40,000 to $ 100,000, which caused moral hazard . Banks rushed into real estate lending, speculative lending, and other ventures as

720-685: A center be established to do research on such resources as peat, biomass, forest products, water and minerals. A proposal to establish a Natural Resources Research Institute at the University of Minnesota Duluth was submitted to the Minnesota State Legislature under the seal of the Regents of the University of Minnesota . The proposal affirmed the applied nature of research at the new institute, noting that its work would be separate and distinct from

840-536: A combination of deficit spending and the lowering of interest rates would slowly lead to economic recovery. Many economists also insist that the significantly-lower tax rates significantly contributed to the recovery. From a high of 10.8% in December 1982, unemployment gradually improved until it fell to 7.2% on Election Day in 1984. Nearly two million people left the unemployment rolls. Inflation fell from 10.3% in 1981 to 3.2% in 1983. Corporate income rose by 29% in

960-505: A contentious relationship with U.S. Steel, but far less so than the relationship that other unions had with employers in other industries in the United States. They launched a number of long strikes against U.S. Steel in 1946 and a 116-day strike in 1959 , but those strikes were over wages and benefits and not the more fundamental issue of union recognition that led to violent strikes elsewhere. The Steelworkers union attempted to mollify

1080-833: A crisis with its union, the United Steelworkers of America . The Supreme Court blocked the takeover by ruling that the president did not have the Constitutional authority to seize the mills. President John F. Kennedy was more successful in 1962 when he pressured the steel industry into reversing price increases that Kennedy considered dangerously inflationary. According to the author Dan Carter in The Politics Of Rage: George Wallace, The Origins Of The New Conservatism, And The Transformation Of American Politics, U.S. Steel strongly resisted Kennedy administration efforts to enlist Alabama businesses to support

1200-832: A deeper downturn from July 1981 to November 1982. One cause was the Federal Reserve 's contractionary monetary policy , which sought to rein in the high inflation . In the wake of the 1973 oil crisis and the 1979 energy crisis , stagflation began to afflict the economy. Unemployment had risen from 5.1% in January 1974 to a high of 9.0% in May 1975. Although it had gradually declined to 5.6% by May 1979, unemployment began rising again. It jumped sharply to 6.9% in April 1980 and to 7.5% in May 1980. A mild recession from January to July 1980 kept unemployment high, but despite economic recovery, it remained at historically high levels (about 7.5%) until

1320-587: A geographic information system (GIS) laboratory within the Center for Water and the Environment. The visualization and spatial modeling techniques, along with state-of-the-art procedures developed in the GIS lab, give NRRI an advantage in the very competitive environment of procuring federally sponsored research grants and contracts. The Center's scientists are recognized around the world for their expertise in landscape ecology and

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1440-418: A major subsidiary. About 22,000 USX employees stopped work on August 1, 1986, after the United Steelworkers of America and the company could not agree on new employee contract terms. This was characterized by the company as a strike and by the union as a lockout . This resulted in most USX facilities becoming idle until February 1, 1987, seriously degrading the steel division's market share. A compromise

1560-456: A number of years afterwards. Northern Ireland was the hardest-hit region, with unemployment standing at nearly 20%. The rate exceeded 15% in much of Scotland and Northern England . By April 1983, Britain became a net importer of goods for the first time in modern times. Areas of Tyneside , Yorkshire , Merseyside , South Wales , Western Scotland and the West Midlands were hit hard by

1680-484: A research library for the Institute. Because of Minnesota's economic dependence on its natural resources, NRRI adopted the mission to foster the economic development of Minnesota’s natural resources in an environmentally sensitive manner to promote private sector employment. The institute's goals are: While the NRRI is not a teaching institution, it fulfills its academic goals with research conducted by faculty and students at

1800-844: A scientist at the Woods Hole Oceanographic Institute and Director of a Research Station in Quebec; Dr. Eugene Shull, Associate Director of the Pennsylvania State University Combustion Laboratory; and Dr. Roy Adams, a senior research scientist at the Michigan Technological University Institute of Wood Research. John Sandy, head of the P-M-A Library at the University of Texas at Austin , was hired in November 1984 to develop

1920-726: A site on the Delaware River in Fairless Hills, Pennsylvania , where the soil had been contaminated with arsenic , lead , and other heavy metals , as well as naphthalene . Groundwater at the site was found to be polluted with polycyclic aromatic hydrocarbons and trichloroethylene (TCE). In 2005, the EPA, United States Department of Justice , and the State of Ohio reached a settlement requiring U.S. Steel to pay more than $ 100,000 in penalties and $ 294,000 in reparations in answer to allegations that

2040-616: A source of energy. An early focus on ecological research to understand the role of humans and natural disturbances in regulating aquatic and terrestrial ecosystems also continued through the decades. In 1989, the Institute was reorganized from the four original divisions to its current structure based on three research centers: The Center for Water and the Environment with biologists, ecologists and limnologists to study development impacts and provide tools and data for informed decision-making by environment managers. The Center for Applied Research and Technology Development includes elements of

2160-565: A steep 3.2% decline in real GDP for 1982. As with other G7 countries, Canada had two separate economic contractions in the early 1980s. These were a shallow drop in GDP and a slowing in employment growth for five months between February and June 1980, and a deeper 17-month contraction in both GDP and employment between July 1981 and October 1982, although both contractions were driven by the same desire of governments to reduce inflation by increasing interest rates. Real Canadian GDP declined by 5% during

2280-559: A whole. During the 1970s, the logo's meaning was extended to include the three materials used to produce steel: yellow for coal, orange for ore and blue for steel scrap. In the late 1980s, when the AISI founded the Steel Recycling Institute (SRI), the logo took on a new life reminiscent of its 1950s meaning. The Pittsburgh Steelers professional football team borrowed elements of its logo, a circle containing three hypocycloids , from

2400-631: The 1979 energy crisis , mostly caused by the Iranian Revolution which saw oil prices rising sharply in 1979 and early 1980. The sharp rise in oil prices pushed the already high rates of inflation in several major advanced countries to new double-digit highs, with countries such as the United States , Canada , West Germany , Italy , the United Kingdom and Japan tightening their monetary policies by increasing interest rates in order to control

2520-620: The Executive Office of the President . In financial circles, the FHLBB and FSLIC were called "the doormats of financial regulation". The FHLBB relied heavily on its persuasive powers and the US states to enforce banking regulations. One consequence of the FHLBB's lack of enforcement abilities was the promotion of deregulation and of aggressive, expanded lending to forestall insolvency . In November 1980,

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2640-526: The Garn–St. Germain Depository Institutions Act of 1982 , which further deregulated banks, savings and loans. The Act authorized banks to begin offering money market accounts in an attempt to encourage deposit in-flows, and it also removed additional statutory restrictions in real estate lending and relaxed loans-to-one-borrower limits. That encouraged a rapid expansion in real estate lending while

2760-472: The Great Lakes . Because of heavy debts taken on at the company's formation—Carnegie insisted on being paid in gold bonds for his stake—and fears of antitrust litigation, U.S. Steel moved cautiously. Competitors often innovated faster, especially Bethlehem Steel , run by Charles Schwab, U.S. Steel's former president. U.S. Steel's share of the expanding market slipped to 50 percent by 1911. James A. Farrell

2880-535: The Homestead, Pennsylvania , plant was, for many years, broken after a violent strike in 1892. U.S. Steel defeated another strike in 1901, the year it was founded. U.S. Steel built the city of Gary , Indiana, in 1906, and 100 years later it remained the location of the largest integrated steel mill in the Northern Hemisphere. U.S. Steel reached a détente with unions during World War I , when under pressure from

3000-527: The Penn Square Bank , which had partnered with Continental Illinois in a number of high- risk lending ventures, collapsed. However, federal regulators were reassured by Continental Illinois executives that steps were being taken to ensure the bank's financial security. After its collapse, federal regulators were willing to let the bank fail to reduce moral hazard and so other banks would rein in some of their more risky lending practices. Members of Congress and

3120-479: The S&;P 500 since 1957, U.S. Steel was removed from that index on July 2, 2014, due to declining market capitalization. The Board of Directors considers the declaration of dividends four times each year, with checks for dividends declared on common stock mailed for receipt on 10 March, June, September, and December. In 2008, the dividend was $ 0.30 per share, the highest in company history, but on April 27, 2009, it

3240-794: The Steel Workers Organizing Committee , an arm of the Congress of Industrial Organizations (CIO) led by John L. Lewis . Taylor was an outsider, brought in during the Great Depression to rescue U.S. Steel. Watching the upheaval caused by the United Auto Workers ' successful sit-down strike in Flint, Michigan , and convinced that Lewis was someone he could deal with on a businesslike basis, Taylor sought stability through collective bargaining. Still, U.S. Steel worked hand-in-hand with

3360-666: The Unisphere in Flushing Meadows-Corona Park , Queens , New York , for the 1964 World's Fair . It is the largest globe ever made and is one of the world's largest free-standing sculptures. The Chicago Picasso sculpture was fabricated by U.S. Steel in Gary, Indiana, before being disassembled and relocated to Chicago. U.S. Steel donated the steel for the construction of St. Michael's Catholic Church in Chicago since 90 percent of

3480-481: The United Steelworkers (USW), forced the company to abandon plans to import British Steel Corporation slabs. U.S. Steel finally acquired National Steel's assets in 2003, after National Steel went bankrupt. As part of its diversification plan, U.S. Steel had acquired Marathon Oil on January 7, 1982, as well as Texas Oil and Gas several years later. Recognizing its new scope, it reorganized its holdings as USX Corporation in 1986, with U.S. Steel (renamed USS, Inc. ) as

3600-470: The wealthy . Pressured to counteract the increased deficit caused by the recession, Reagan agreed to a corporate tax increase in 1982. However, he refused to raise income tax or to cut defense spending. The Tax Equity and Fiscal Responsibility Act of 1982 instituted a three-year, $ 100 billion tax hike, the largest tax increase since the Second World War . According to Keynesian economists ,

3720-482: The 17-month 1981-82 recession with the unemployment rate peaking at 12%. In-between the two downturns, Canada had 12 months of economic growth. With growth between October 1980 and June 1981 being relatively robust with the total GDP and employment in June 1981 actually surpassing their pre-recession peaks and 1981 having a yearly increase in real GDP of 3.5%. Canada had higher inflation, interest rates, and unemployment than

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3840-443: The 1920s, U.S. Steel, like many other large employers, coupled paternalistic employment practices with "employee representation plans" (ERPs), which were company unions sponsored by management. These ERPs eventually became an important factor leading to the organization of the United Steelworkers of America . The company dropped its hard-line, anti-union stance in 1937, when Myron Taylor, then president of U.S. Steel, agreed to recognize

3960-522: The Birmingham (Alabama) Police Department as it vigorously investigated and targeted labor activities during the 1930s and 1940s. The corporation developed and fed information to a "Red Squad" of detectives "who used the city's vagrancy and criminal-anarchy statutes (liberally reinforced by backroom beatings) to strike at radical labor organizers." In the 1950s, those investigations shifted from labor to civil rights activists. The Steelworkers continue to have

4080-630: The British economic recovery after the early 1980s recession included the introduction of enterprise zones on deindustrialised land in which traditional industries were replaced by new industries as well as commercial developments. Businesses were given temporary tax breaks, and exemptions as incentives to set up base in such areas. Like Canada, the early 1980s recession in the United States technically consisted of two separate downturns, one commencing in January 1980 which yielded to modest growth in July 1980 with

4200-483: The ENA in 1984. In 1986, U.S. Steel employees stopped work after a dispute over contract terms, characterized by the company as a strike and by the union as a lockout . In a letter to striking employees in 1986, Johnston warned, "There are not enough seats in the steel lifeboat for everybody." In addition to reducing the role of unions, the steel industry had sought to induce the federal government to take action to counteract

4320-420: The FHLBB lowered net worth requirements for federally insured S&Ls from 5% of deposits to 4%. The FHLBB lowered net worth requirements again to 3% in January 1982. Additionally, the agency required S&Ls to meet those requirements only over 20 years. The rule meant that S&Ls less than 20 years old had practically no capital reserve requirements. That encouraged extensive chartering of new S&Ls since

4440-468: The FHLBB was a relatively small agency, overseeing a quiet, stable industry. Also, the FHLBB was unable to add to its staff because of stringent limits on the number of personnel that it could hire and the level of compensation it could offer. The limitations were placed on the agency by the Office of Management and Budget and were routinely subject to the political whims of that agency and political appointees in

4560-591: The Federal Reserve increase interest rates to reduce high inflation. Each time, once inflation fell and interest rates were lowered, unemployment slowly fell. Determined to wring inflation out of the economy, Federal Reserve chairman Paul Volcker slowed the rate of growth of the money supply and raised interest rates . The federal funds rate , which was about 11% in 1979, rose to 20% by June 1981. The prime interest rate , an important economic measure, eventually reached 21.5% in June 1982. The recession came at

4680-404: The Institute and several NRRI employees hold faculty or adjunct faculty positions. NRRI assists students by providing scholarships and research assistantships. Moreover, the applied research skills learned at NRRI are invaluable in securing employment after graduation. University faculty and students interact with NRRI researchers to conduct collaborative research on a wide range of topics. Many of

4800-501: The Japanese called "the lost decade",in the mid-1980s, Japan's economy began a period of expansion in 1986 that continued until it again entered a recessionary period in 1992. But the property market still never returned to its “pre-boom” levels. [1] The Tokyo stock exchange doubled in 1983 from Y8,800 to Y16,401 in 1986. But the surge that hit its peak of Y26,646 was temporarily halted by “Black Monday” on October 14th, 1987. “Black Monday”

4920-551: The July–September quarter of 1983, compared with the same period in 1982. Some of the most dramatic improvements came in industries that were the hardest hit by the recession, such as paper and forest products, rubber, airlines, and the auto industry. United States Steel Corporation U.S. Steel , or United States Steel Corporation, is an American steel company based in Pittsburgh, Pennsylvania , with production facilities in

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5040-405: The S&L crisis was more than $ 160 billion. The recession was nearly a year old before President Ronald Reagan stated on October 18, 1981, that the economy was in a "slight recession". The recession coupled with budget cuts, which were enacted in 1981 but began to take effect only in 1982, led many voters to believe that Reagan was insensitive to the needs of average citizens and favored

5160-541: The S&L problem. Furthermore, the Reagan administration did not want to alarm the public by closing a large number of S&Ls. Such actions significantly worsened the S&L crisis. The S&L crisis lasted well beyond the end of the economic downturn. The crisis was finally quelled by passage of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 . The estimated total cost of resolving

5280-582: The Steelmark logo belonging to the American Iron and Steel Institute (AISI) and created by U.S. Steel. In the 1950s, when helmet logos became popular, the Steelers added players' numbers to either side of their gold helmets. Later that decade, the numbers were removed and in 1962, Cleveland's Republic Steel suggested to the Steelers that they use the Steelmark as a helmet logo. U.S. Steel financed and constructed

5400-441: The U.S. and Central Europe. The company produces and sells steel products, including flat-rolled and tubular products for customers in industries across automotive, construction, consumer, electrical, industrial equipment, distribution, and energy. Operations also include iron ore and coke production facilities. In 2008, U.S. Steel was the world's eighth-largest steel producer. By 2022, it ranked 24th globally and second in

5520-551: The U.S., behind Nucor . Though renamed USX Corporation in 1986, the company was renamed United States Steel in 2001 after spinning off its energy business, including Marathon Oil , and other assets, from its core steel concern. Nippon Steel , Japan's largest steel producer, announced plans to acquire U.S. Steel for $ 14.1 billion, pending approval from regulators and shareholders. The deal, announced in mid-December 2023, would retain U.S. Steel's name and headquarters in Pittsburgh. It

5640-557: The US introduced credit controls producing a slump in demand for Canada's housing and auto industry exports in early 1980 thereby triggering the early first portion of the recession in Canada. Most Canadians were also hit hard financially by a steady rise in oil and gas prices during the 1970s, especially their acceleration in 1979 when the worldwide oil supply was disrupted by the Iranian revolution, with

5760-555: The United States during the early 1980s recession. While inflation accelerated across North America in the late 1970s, it was higher in Canada because of the US decision to switch to a floating exchange rate , which lowered the value of the Canadian dollar to US$ 0.85 by 1979, which made US imports more expensive for Canadians to purchase. Canada's inflation rate was 10.2% for 1980 overall, rising to 12.5% for 1981 and 10.8% for 1982 before dropping to 5.8% for 1983. To control its inflation,

5880-664: The University’s Minerals Resources Research Center, and recommended the SAGE building in Duluth as an adaptable site. UMD Chancellor Robert Heller worked with Governor Perpich and Judge Heaney to gain political support throughout the state. The Institute also had strong federal support which included that of Minnesota's 8th district congressman, Jim Oberstar . The proposal called for the institute to be divided into four major divisions: The Regents proposal listed

6000-520: The Wilson Administration it relaxed its opposition to unions enough to allow some to operate in certain factories. It returned to its previous policies as soon as the war ended, however, and in a 1919 strike defeated union-organizing efforts by William Z. Foster of the AFL. Heavy pressure from public opinion forced the company to give up its 12-hour day and adopt the standard eight-hour day. During

6120-440: The agency. Despite the failures and mergers, there were still 415 S&Ls at the end of 1982 that were insolvent. Federal action initially caused the problem by allowing institutions to get involved in creating wealth by unhealthy fractional reserve practices, lending out much more money than they could ever afford to pay back out to customers if they came to withdraw their money. That ultimately led to S&Ls' failure. Later,

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6240-719: The application of GIS technology for addressing natural resource questions. A field station was established in Ely, Minnesota , in 1999 to study microscopic algae (diatoms) as indicators of water quality and for paleolimnology research to understand environmental trends through analysis of sediment profiles. This site was closed in 2006 and incorporated into NRRI Duluth. NRRI acquired 525 acres (212 ha) of drained peatland in Zim, Minnesota , in 1986. The Fens Research Site serves as an area for peatland restoration research and provides wetland mitigation credits for area road construction projects. After

6360-586: The beginning of the 1980s. That followed a string of crises that had plagued the British economy for most of the 1970s. Consequently, unemployment had gradually increased since the mid-1960s. When the Conservative Party , led by Margaret Thatcher won the general election of May 1979 , and swept James Callaghan 's Labour Party from power, the country had just witnessed the Winter of Discontent in which numerous public sector workers had staged strikes. Inflation

6480-502: The broadest and sharpest worldwide decline of economic activity and the largest increase in unemployment was in 1982, with the World Bank naming the recession the "global recession of 1982". Even after major economies, such as the United States and Japan exited the recession relatively early, many countries were in recession into 1983 and high unemployment would continue to affect most OECD nations until at least 1985. Long-term effects of

6600-540: The city of River Rouge, Michigan , and the residents of River Rouge and the nearby city of Ecorse filed a class-action lawsuit against the company for "the release and discharge of air particulate matter...and other toxic and hazardous substances" at its River Rouge plant. The company has also been implicated in generating water pollution and toxic waste . In 1993, the Environmental Protection Agency (EPA) issued an order for U.S. Steel to clean up

6720-450: The company against criticisms and legal liability. U.S. Steel ranked 16th among United States corporations in the value of World War II production contracts. Production peaked at more than 35 million tons in 1953. Its employment was greatest in 1943, when it had more than 340,000 employees. The federal government intervened to try to control U.S. Steel. President Harry S. Truman attempted to take over its steel mills in 1952 to resolve

6840-556: The company illegally released pollutants into Ohio waters. U.S. Steel's Gary, Indiana facility has been repeatedly charged with discharging polluted wastewater into Lake Michigan and the Grand Calumet River . In 1998 the company agreed to payment of a $ 30 million settlement to clean up contaminated sediments from a five-mile (8 km) stretch of the river. With the exception of the Fairless Hills and Gary facilities,

6960-509: The company's corporate headquarters have been located there. It is the tallest skyscraper in the downtown Pittsburgh skyline, built out of the company's Corten Steel. New York City's One Liberty Plaza was also built by the corporation as that city's U.S. Steel Tower in 1973. When the Steelmark logo was created, U.S. Steel attached the following meaning to it: "Steel lightens your work, brightens your leisure and widens your world." The logo

7080-506: The debate." In July 2024, Nippon Steel hired Mike Pompeo to lobby for its acquisition of U.S. Steel. By September, the Biden Administration signaled plans to block the deal, citing national security concerns. U.S. Steel is a former Dow Jones Industrial Average component, listed from April 1, 1901, to May 3, 1991. It was removed under its USX Corporation name with Navistar International and Primerica . An original member of

7200-403: The deep global recession of that year, which caused oil prices to plummet, with Alberta then suffering a drop of 7.2 percentage points in its employment ratio of all the provinces by mid-1983. Yukon's mining industry was also hit hard and more than 70,000 of 115,000 miners across the country were out of work by the end of 1982. Canada's GDP increased markedly in November 1982 officially ending

7320-465: The desegregation of the University of Alabama , which Gov. George Wallace had promised to block by standing in the schoolhouse door . Although the firm employed more than 30,000 workers in Birmingham, Ala., company president Roger M. Blough in 1963 "went out of his way to announce that any attempt to use his company position in Birmingham to pressure local whites was 'repugnant to me personally' and 'repugnant to my fellow officers at U.S. Steel. ' " In

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7440-488: The dumping of steel by foreign producers at below-market prices. Neither the concessions nor anti-dumping laws have restored the industry to the health and prestige it once had. In December 2022, a new four-year contract was ratified between members of the United Steelworkers union and U.S. Steel. This contract covers 11,000 workers at 13 locations. The new agreements were retroactive to September 1, 2022, and included

7560-450: The early 1980s recession contributed to the Latin American debt crisis , long-lasting slowdowns in the Caribbean and Sub-Saharan African countries, the US savings and loans crisis , and a general adoption of neoliberal economic policies throughout the 1990s. The Canadian economy experienced overall weakness from the start of 1980 to the end of 1983, with low yearly real GDP growth rates of 2.1% and 2.6% in 1980 and 1983, respectively, and

7680-462: The early 2010s, U.S. Steel began investing to upgrade software programs throughout their manufacturing facilities. In January 2012, U.S. Steel sold its underperforming Serbian mills near Belgrade to the Serbian government. On July 2, 2014, U.S. Steel was removed from S&P 500 index and placed in the S&P MidCap 400 Index , in light of its declining market capitalization. In October 2019, U.S. Steel invested $ 700 million in Big River Steel,

7800-548: The early research directions for the Institute proved to be very productive and defined NRRI’s ongoing research agenda. For example, applied research to assist the taconite industry with more efficient processing and to improve pellet quality has been a mainstay of the NRRI’s minerals research since its inception. Likewise, helping the forest products industry develop value-added products and improve silvicultural practices have been primary objectives. A resurgent interest in renewable energy production has refocused research on biomass as

7920-415: The economy soured. By mid-1982, the number of bank failures was rising steadily. Bank failures reached 42, the highest since the depression, as both the recession and high interest rates took their toll. By the end of the year, the Federal Deposit Insurance Corporation (FDIC) had spent $ 870 million to purchase bad loans in an effort to keep various banks afloat. In July 1982, the US Congress enacted

8040-411: The end of 1981. In mid-1982, Rockford, Illinois , had the highest unemployment of all metro areas, at 25%. In September 1982, Michigan led the nation with 14.5%, Alabama was second with 14.3%, and West Virginia was third with 14.0%. The Youngstown–Warren Metropolitan Area had an 18.7% rate, the highest of all metro areas, and Stamford, Connecticut , had the lowest unemployment, at 3.5%. The peak of

8160-416: The entire S&L industry was virtually zero. The Federal Home Loan Bank Board (FHLBB) regulated and inspected S&Ls and administered the Federal Savings and Loan Insurance Corporation (FSLIC), which insured deposits at S&Ls. The FHLBB's enforcement practices were significantly weaker than those of other federal banking agencies. Until the 1980s, savings and loans had limited lending powers and so

8280-404: The federal agency which insured the deposits of S&Ls, spent $ 3.5 billion to make depositors whole again (in comparison, only 143 S&Ls with $ 4.5 billion in assets had failed in the previous 45 years, costing the FSLIC $ 306 million). The FSLIC pushed mergers as a way to avoid insolvency. From 1980 to 1982, there were 493 voluntary mergers and 259 forced mergers of savings and loans overseen by

8400-520: The federal government in subsequent years. Researchers at the Political Economy Research Institute have ranked U.S. Steel as the 58th-greatest corporate producer of air pollution in the United States (down from their 2000 ranking as the second-greatest). In 2008, the company released more than one million kg (2.2 million pounds) of toxins, chiefly ammonia , hydrochloric acid , ethylene , zinc compounds, methanol , and benzene , but including manganese , cyanide , and chromium compounds. In 2004,

8520-465: The first LEED-certified steel facility, gaining a 49.9% ownership stake. In December 2020, U.S. Steel announced it would acquire the remaining ownership interest in Big River Steel for $ 774 million. The acquisition was completed in January 2021. In February 2022, U.S. Steel began construction on a new mill in Osceola, Arkansas which will be operational by 2024. In April 2022, the electric arc furnace flat-rolled Big River Steel mill in Osceola became

8640-691: The first ResponsibleSteel site certified in North America following an independent audit by SRI Quality System Registrar (SRI). On December 18, 2023, Nippon Steel agreed to buy U.S. Steel for $ 14.1 billion, or $ 55 per share, pending approval. Nippon pledged to keep U.S. Steel’s Pittsburgh headquarters and honor union contracts. However, the deal received widespread criticism, including from prominent steelworkers labor union United Steelworkers (USW). On March 14, 2024, U.S. President Joe Biden declared that U.S. Steel must remain American-owned, stating

8760-456: The following year but then edged higher. By 1979, inflation reached a startling 11.3% and in 1980, it soared to 13.5%. A brief recession occurred in 1980. Several key industries, including housing, steel manufacturing, and automobiles, experienced a downturn from which they did not recover until the end of the next recession. Many of the economic sectors that supplied the basic industries were also hit hard. Each period of high unemployment saw

8880-627: The government's inaction worsened the industry's problems. Responsibility for handling the S&L crisis lay with the Cabinet Council on Economic Affairs (CCEA), an intergovernmental council located within the Executive Office of the President. At the time, the CCEA was chaired by Treasury Secretary Donald Regan . The CCEA pushed the FHLBB to refrain from re-regulating the S&L industry and adamantly opposed any governmental expenditures to resolve

9000-688: The growth of U.S. Steel and its subsidiaries in the South was partly dependent on the labor of cheaply paid black workers and exploited convicts. The company could obtain black labor at a fraction of the cost of white labor by taking advantage of the Black Codes and discriminatory laws passed in the late 19th and early 20th centuries by Southern states after the Reconstruction Era . In addition, U.S. Steel had agreements with more than 20 counties in Alabama to obtain

9120-458: The inflation rate still averaged more than 12% in 1981-82. Alberta, the prime location of Canada's oil industry at the time, experienced a boom in the late 1970s, 1980 and early 1981, with rapid employment growth, attaining, at 76%, the highest percentage of persons aged 15–64 being employed (defined as the "employment ratio") of all the provinces in early 1981. By the start of 1982, however, Alberta's oil boom had ended due to over-expansion and

9240-523: The inflation. These G7 countries each, in fact, had " double-dip " recessions involving short declines in economic output in parts of 1980 followed by a short period of expansion, in turn, followed by a steeper, longer period of economic contraction starting sometime in 1981 and ending in November 1982. Most of these countries experienced stagflation , a situation of both high inflation rates and high unemployment rates. Globally, while some countries experienced downturns in economic output in 1980 and/or 1981,

9360-491: The inversion lifted, another 50 died, including Lukasz Musial, the father of baseball great Stan Musial . Hundreds more lived the rest of their lives with damaged lungs and hearts. But another 40 years would pass before the whole truth about Donora's bad air made public-health history. Today the Donora Smog Museum in that city tells of the influence that the hazardous Donora Smog had on the air quality standards enacted by

9480-449: The lab's large pilot plants. The lab is currently developing a focus on the extraction of non-ferrous minerals from Northeast Minnesota's Duluth Complex of copper, nickel, and precious metals-bearing ore. The Biomass Conversion Lab at Coleraine has an industrial-scale kiln to convert woody and agricultural biomass into a variety of chars for a variety of applications. NRRI received a National Science Foundation grant in 1990 to establish

9600-427: The labor of its prisoners, often paying locals nine dollars a month for workers who would be forced into their mines through a system of convict leasing . This practice continued until at least the late 1920s. While some individuals were guilty of a crime, they did not receive payment or recognition for their work; many died from abuse, malnutrition, and dire working and living conditions. This practice of convict leasing

9720-422: The lawsuits concern facilities acquired by U.S. Steel via its 2003 purchase of National Steel Corporation , not its historic facilities. In 2021, U.S. Steel announced a goal to target net-zero carbon emissions by 2050. The company previously set a target to reduce greenhouse gas emissions intensity by 20% by 2030. The U.S. Steel Tower in Pittsburgh , Pennsylvania , is named after the company and since 1970,

9840-614: The loss of industry and subsequent sharp rise in unemployment. Only in Southeast England did unemployment remain below 10%. Despite the economic recovery that followed the early 1980s recession, unemployment in the United Kingdom barely fell until the second half of the decade. As late as 1986, unemployment exceeded 3 million, but it fell below that figure the following year. By the end of 1989, it had fallen to 1.6 million. The mass unemployment and social discontent resulting from

9960-754: The members of the Minerals Development Commission, the Duluth High Tech Task Force and Duluth Future Task Force as endorsees of the Institute. The simple notation of first-year funding of $ 1,650,000 and second-year funding of $ 2,250,000 for the Natural Resources Research Institute in Chapter 258, page 1051 of the LAWS of MINNESOTA for 1983, marks the establishment of the Institute. UMD Economics Professor Dr. Jerrold Peterson

10080-634: The merger to Morgan, ultimately emerged as the new corporation's first President. In 1907, U.S. Steel bought its largest competitor, the Tennessee Coal, Iron and Railroad Company , which was headquartered in Birmingham , Alabama . Tennessee Coal was replaced in the Dow Jones Industrial Average by General Electric . The federal government attempted to use federal antitrust laws to break up U.S. Steel in 1911 (the same year Standard Oil

10200-547: The merger. The architect of tax concessions to steel firms, Senator Arlen Specter (R-PA), complained that "we go out on a limb in Congress and we feel they should be putting it in steel." The events are the subject of "The U.S. Steal Song" by folk singer Anne Feeney . In 1984, the federal government prevented U.S. Steel from acquiring National Steel , and political pressure from the United States Congress , as well as

10320-474: The minerals lab has a three-pronged strategy for improving taconite ore products from the Iron Range: flowsheet improvement, the use of by-product rock for construction and highway purposes, and the development of value-added iron nodules from the iron ore concentrate. Serving all Minnesota taconite plants, the research projects regularly reach the stage of commercial implementation after testing and demonstration in

10440-523: The original minerals and biomass divisions. The UMD Center for Economic Development is a joint program of NRRI, the School of Business and Economics, and the College of Science and Engineering. In 1986, NRRI began a long-term relationship with United States Steel Corporation to manage its Coleraine, Minnesota , laboratory. The laboratory was transferred to University ownership in 1989. As part of NRRI's CARTD,

10560-502: The overall impact on Duluth and the Iron Range economy was verging on catastrophic. In the face of these challenging times, civic, business, government, higher education and labor leaders began to focus on initiatives to help the economy. With a strong belief in its long-term value, U.S. Eighth District Court of Appeals Judge Gerald Heaney advocated for applied research. Then, in his 1982 gubernatorial campaign, Rudy Perpich proposed that

10680-746: The postwar years, the steel industry and heavy manufacturing went through a restructuring that caused a decline in U.S. Steel's need for labor, production, and portfolio. Many jobs moved offshore. By 2000, the company employed 52,500 people. In the early days of the Reagan Administration , steel firms won substantial tax breaks in order to compete with imported goods. But instead of modernizing their mills, steel companies shifted capital out of steel and into more profitable areas. In March 1982, U.S. Steel took its concessions and paid $ 1.4 billion in cash and $ 4.7 billion in loans for Marathon Oil , saving approximately $ 500 million in taxes through

10800-555: The press, however, felt that Continental Illinois was " too big to fail ". In May 1984, federal banking regulators finally offered a $ 4.5 billion rescue package to Continental Illinois. The American banking system had been significantly weakened by the severe recession and the effects of deregulation. Had other banks been forced to write off loans to Continental Illinois, institutions like Manufacturer's Hanover Trust Company , Bank of America , and perhaps Citicorp would have become insolvent. The recession also significantly exacerbated

10920-456: The price of oil reaching almost $ 40 a barrel compared to $ 3 a barrel at the start of the decade. The Bank of Canada raised its prime interest rate throughout 1980 and early 1981 in an attempt to rein in inflation, with the deeper second portion of the recession beginning in July 1981. The Bank of Canada's interest rate peaked at 21% in August 1981 and was kept at high levels until spring 1982, but

11040-415: The problems of competitive foreign imports by entering into a so-called Experimental Negotiation Agreement (ENA) in 1974. This was to provide for arbitration if the parties were not able to reach an agreement on any new collective bargaining agreements , thereby preventing disruptive strikes. The ENA failed to stop the decline of the steel industry in the U.S. U.S. Steel and the other employers terminated

11160-469: The proposed acquisition by Nippon Steel would pose a risk to national security, and also declared that he would use U.S regulatory authorities to scuttle the deal. After this revelation, it was noted the Committee on Foreign Investment in the United States (CFIUS) had the authority to block the acquisition based on national security matters. According to USW President David McCall, Biden's decision "should end

11280-551: The real estate market was collapsing, increased the unhealthy competition between banks, savings and loans, and encouraged too many branches to be started. In 1983, another 50 banks failed. The FDIC listed another 540 banks as "problem banks", on the verge of failure. In 1984, the Continental Illinois National Bank and Trust Company , the nation's seventh-largest bank (with $ 45 billion in assets), failed. The bank had first approached failure in July 1982, when

11400-549: The recession occurred in November and December 1982, when the nationwide unemployment rate was 10.8%, the highest since the Great Depression . In November, West Virginia and Michigan had the highest unemployment with 16.4%, Alabama was in third with 15.3%. South Dakota had the lowest unemployment rate in the nation, with 5.6%. Flint, Michigan , had the highest unemployment rate of all metro areas, with 23.4%. In March 1983, West Virginia's unemployment rate hit 20.1%. In spring 1983, thirty states had double-digit unemployment. When Reagan

11520-505: The recession were widely seen as major factors in widespread rioting across Britain in 1981 in parts of towns and cities including Toxteth , Liverpool , as well as a number of districts of London . In 1985, the economy had been out of recession for three years, but unemployment remained stubbornly high. Another wave of rioting occurred across numerous areas of Britain, including several areas across London. Poor employment opportunities, and social discontent were once again seen as factors in

11640-563: The recession, although employment growth did not resume until December 1982 before faltering again in 1983. The average unemployment rates for 1982 and 1983 averaged 11.1% and 12%, respectively, steep rises from 7.6% in 1981. A slowdown in productivity in Canada also emerged during the recession as average output per worker slowed by 1%. The lingering effects of the recession combined with mechanization and companies downsizing to complete internationally, kept Canada's unemployment rates above 10% until 1986. Despite this, Canada's GDP growth rate

11760-598: The retirement of long-time Director Michael Lalich in 2015, NRRI welcomed new Executive Director Rolf Weberg. Under his leadership, NRRI reorganized into five Research Platforms that work together to inform integrated, applied research. The Research Platforms are: Applied Ecology and Resource Management, Minerals & Metallurgy, Materials & Bioeconomy, Data Collection and Delivery, and Commercialization Services. 46°50′10″N 92°12′26″W  /  46.83611°N 92.20722°W  / 46.83611; -92.20722 Early 1980s recession The early 1980s recession

11880-687: The rioting. In the UK, economic growth was re-established by the end of 1982, but the era of mass unemployment was far from over. By the summer of 1984, unemployment had hit a new record of 3.3 million although the Great Depression had seen a higher percentage of the workforce unemployed. It remained above the 3 million mark until the spring of 1987, when the Lawson Boom , seen as the consequence of tax cuts by Chancellor Nigel Lawson , sparked an economic boom that saw unemployment fall dramatically. By early 1988, it

12000-412: The savings and loan crisis. In 1980, there were approximately 4590 state and federally chartered savings and loan institutions (S&Ls), with total assets of $ 616 billion. From 1979, they began losing money because of spiraling interest rates. Net S&L income, which had totaled $ 781 million in 1980, fell to a loss of $ 4.6 billion in 1981 and a loss of $ 4.1 billion in 1982. The tangible net worth for

12120-477: The states that deregulated S&Ls were also soft on supervision and enforcement. In some cases, state-chartered S&Ls had close political ties to elected officials and state regulators, which further weakened oversight. As the risk exposure of S&Ls expanded, the economy slid into the recession. Soon, hundreds of S&Ls were insolvent. Between 1980 and 1983, 118 S&Ls with $ 43 billion in assets failed. The Federal Savings and Loan Insurance Corporation,

12240-512: The statutory limit on loan-to-value ratios was eliminated. The changes allowed S&Ls to make high-risk loans to developers. Beginning in 1982, many S&Ls rapidly shifted away from traditional home mortgage financing and into new, high-risk investment activities like casinos , fast-food franchises, ski resorts , junk bonds , arbitrage schemes, and derivative instruments . Federal deregulation also encouraged state legislatures to deregulate state-chartered S&Ls. Unfortunately, many of

12360-480: The strong pound made British products more expensive in export markets. Inflation fell below 10% by the turn of 1982, having peaked at 22% in 1980, and by spring 1983, it had fallen to a 15-year low of 4%. Strikes were also at their lowest level since the early 1950s, and wage growth rose to 3.8% by 1983. However, unemployment reached 12.5% of the workforce by January 1982, a level that had not been seen for some 50 years. The unemployment rate remained similarly high for

12480-497: The taconite industry, which had begun in the 1950s, ended and employment in this critical base industry dropped from about 16,000 to 3,000. About 2,000 supply companies on the Iron Range, in Duluth and elsewhere in the state were also critically impacted. Perhaps not as dramatically as the taconite industry, the forest products industry was similarly impacted by the difficult economy. Northeastern Minnesota's logging and pulp and paper companies, in particular, were affected. At that time,

12600-550: The union and with management and proceeded to have proxy battles with shareholders and management. But he abandoned all efforts to buy out the company on January 8, 1987, a few weeks before union employees returned to work. By the late 20th century, U.S. Steel earned most of its revenue from energy operations. In 2001, under CEO Thomas Usher , it spun off Marathon and other non-steel assets, except Transtar , and expanded internationally by acquiring plants in Slovakia and Serbia. In

12720-428: Was re-elected in 1984 , the latest unemployment numbers (August 1984) showed that West Virginia still had the highest rate in the nation (13.6%) followed by Mississippi (11.1%) and Alabama (10.9%). Inflation , which had averaged 3.2% annually since World War II had more than doubled after the 1973 oil shock, to a 7.7% annual rate. Inflation reached 9.1% in 1975, the highest rate since 1947. Inflation declined to 5.8%

12840-402: Was a crash that ended up hitting the US stock market, causing it to plummet.Then by April 1988, the stock reached past its October record breaking peak and hit Y38,915. [2] Japan’s recession was prolonged into the 90s and they were not able to recover from the increased prices until the early 2000s. Where it finally officially ended in 2002. [3] Eventually recession hit the United Kingdom at

12960-402: Was a severe economic recession that affected much of the world between approximately the start of 1980 and 1982. It is widely considered to have been the most severe recession since World War II until the 2007–2008 financial crisis . The recession had multiple causes including the tightening of monetary policies by the United States and other developed nations. This was exacerbated by

13080-475: Was about 10% and some 1.5 million people were unemployed, compared to some 1 million in 1974, 580,000 in 1970 and just over 300,000 in 1964. Thatcher set about controlling inflation with monetarist policies and changing trade union legislation in an attempt to reduce the strikes of public-sector workers. Thatcher's battle against inflation raised the exchange rate, resulting in the closure of many factories, shipyards and coal pits because imports were cheaper and

13200-531: Was among the highest of the OECD countries from 1984 to 1986, although growth was by far strongest in Ontario and Quebec. Throughout the 1970s, Japan had the world's third largest gross national product ( GNP )—just behind the United States and Soviet Union—and ranked first among major industrial nations in 1990 in per capita GNP at US$ 23,801, up sharply from US$ 9,068 in 1980. After the relatively mild economic slump that

13320-435: Was below 2.5 million; by early 1989, it fell below 2 million. By the end of 1989, it was just over 1.6 million, almost half the figure of three years earlier. However, the unemployment figures did not include benefit claimants who were placed on Employment Training schemes, an adult variant of the controversial Youth Training Scheme , who were paid the same rate of benefit for working full-time hours. Other incentives that aided

13440-461: Was broken up), but that effort ultimately failed. In 1902, its first full year of operation, U.S. Steel made 67 percent of all the steel produced in the United States. About 100 years later, as of 2001, it produced only 8 percent more than it did in 1902, and its shipments accounted for only about 8 percent of domestic consumption. According to the author Douglas Blackmon in Slavery by Another Name ,

13560-443: Was brokered and accepted by the union membership on January 31, 1987. On February 4, 1987, three days after the agreement had been reached to end the work stoppage, USX announced that four USX plants would remain closed permanently, eliminating about 3,500 union jobs. Corporate raider Carl Icahn launched a hostile takeover of the steel giant in late 1986 in the midst of the work stoppage. He conducted separate negotiations with

13680-427: Was fairly ubiquitous as eight Southern states had similar practices and many companies, as well as farmers, took advantage of this. The Corporation, as it was known on Wall Street , was distinguished by its size, rather than for its efficiency or creativity during its heyday. In 1901, it controlled two-thirds of steel production and, through its Pittsburgh Steamship Company, developed the largest commercial fleet on

13800-435: Was named acting coordinator of the Institute and he began to hire temporary employees to begin the work of the Institute. An Advisory Board was established, with UMD Dean of the College of Science and Engineering George (Rip) Rapp as chair. In August 1983, UMD Provost Robert Heller envisioned NRRI doing between $ 5 and $ 10 million per year in research and employing up to 150 staff members in five years. Dr. Michael Lalich, with

13920-490: Was named president in 1911 and served until 1932. In March 1908, the company formed the Committee on Safety of United States Steel following chairman Elbert H. Gary's meetings on safety with casualty managers of the operating companies, thereby leading to the introduction of the modern "Safety First" movement. The committee's formation was intended not only to focus on workplace safety to prevent worker accidents, but to safeguard

14040-635: Was opposed by the United Steelworkers , the Trump campaign, and the Biden administration. As of November 2024 , the Biden administration was still set on blocking the proposed acquisition. J. P. Morgan formed U.S. Steel on March 2, 1901 (incorporated on February 25, 1901), by financing the merger of Andrew Carnegie 's Carnegie Steel Company with Elbert H. Gary's Federal Steel Company and William Henry "Judge" Moore 's National Steel Company for $ 492 million ($ 18 billion today). At one time, U.S. Steel

14160-402: Was reduced to $ 0.05 per share. In February 2020, the dividend was reduced to $ 0.01 per share but was then later increased back to $ 0.05 per share in November 2021. U.S. Steel maintained the labor policies of Andrew Carnegie . Carnegie believed that "good wages and good workmen I know to be cheap labor." The Amalgamated Association of Iron and Steel Workers union that represented workers at

14280-593: Was the largest steel producer and largest corporation in the world. It was capitalized at $ 1.4 billion ($ 51.3 billion today), making it the world's first billion-dollar corporation. The company established its headquarters in the Empire Building at 71 Broadway in New York City; it remained a major tenant in the building for 75 years. Charles M. Schwab , the Carnegie Steel executive who originally suggested

14400-403: Was used as part of a major marketing campaign to educate consumers about how important steel is in people's daily lives. The Steelmark logo was used in print, radio and television ads as well as on labels for all steel products, from steel tanks to tricycles to filing cabinets. In the 1960s, U.S. Steel turned over the Steelmark program to the AISI, where it came to represent the steel industry as

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